If you owe more than $10,000, you can receive assistance through a debt settlement. If you have attempted debt settlement but are still unable to repay your debts, you may be required to file for bankruptcy.
If you owe millions of dollars and your company has failed, you may be required to declare bankruptcy.
Consider filing for bankruptcy if your car is about to be repossessed, your home is in foreclosure, and you owe money on credit cards and loans.
Filing for bankruptcy is the action to take when you have exhausted all other options and are still unable to repay your debts. It is the legal declaration of being unable to pay your creditors.
Bankruptcy can stop repossession, foreclosure, and bill collector contacts, but you will still be required to repay your debts. Certain debts cannot be eliminated, and a court determines what proportion of your debt you must pay.
You may receive a new beginning, but you will not be wholly free of your mistakes. You will incur debt, and it will be difficult to restore the credit damage. It is possible to have excellent credit in the future, but it may take years and years.
Before filing for bankruptcy, you should always attempt credit counseling, debt settlement, or debt consolidation. Debt settlement, like bankruptcy, can reduce the amount you due, but it does not affect your credit score.
Due to the condition of the economy, numerous individuals are in debt. Debt elimination is a lengthy struggle, but it is possible. If bankruptcy is your only remaining option, locate a competent attorney to guide you through the process.""
" - https://www.affordablecebu.com/